World’s largest drug producer company Pfizer called off the deal of selling $350 million (Approx Rs. 1350 Crore) insulin to Indian Biotech Company, Biocon’s insulin products globally. In a statement from the company, Pfizer declared that they are going to launch their own insulin drug, while Biocon demanded it to be launched in an alliance.

Biocon

Biocon’s stocks thrusted 6.31 per cent to Rs 250.8 following the announcement. Biocon’s Chairman and Managing Director, Kiran Majumdar Shaw declared that, “This split was done on the basis of the changes in the priorities of Pfizer. The split was amicable and decision was taken jointly.”

Pfizer

According to the deal signed in 2010, Pfizer has to pay $ 200 million and additional development and regulatory milestone payment upto $ 150 million to Biocon. But Pfizer is not going to pay the whole amount of money as decided in the agreement so far.